Kenneth Duda, president and chief technology officer of Arista Networks (NASDAQ:ANET), reported insider sales totaling $4.29 million on March 17, 2026, according to a Form 4 filing with the Securities and Exchange Commission.
Transaction details
The filing lists individual sales executed that day at prices between $133.0345 and $135.9723 per share. Duda sold 7,401 shares at $133.0345 each; 14,005 shares at $134.016 each; 8,581 shares at $134.879 each; and 2,013 shares at $135.9723 each.
In addition to those direct sales, the filing shows disposition of shares held in related vehicles. Duda sold 3,701 shares, 7,003 shares, 4,290 shares and 1,006 shares held by Children’s Trust, and 2,313 shares, 4,377 shares, 2,681 shares and 629 shares held by Foundation. Those trust and foundation dispositions were also executed at prices ranging from $133.0345 to $135.9723, producing proceeds of $2.15 million and $1.34 million respectively.
Option exercise and trading plan
The Form 4 also records that on the same day Duda exercised options to acquire 32,000 shares of Arista Networks at an exercise price of $15.2625 per share, for a total cost of $488,400. The filing indicates these transactions were carried out under a pre-arranged Rule 10b5-1 trading plan.
Market context and valuation
At the time of the transactions, Arista Networks shares were trading at $136.26, a level close to the sale prices reported in the filing. The company’s share price has risen 61% over the past year. An InvestingPro analysis referenced in the filing characterizes the stock as appearing overvalued at current levels, noting a price-to-earnings ratio of 49.48. The analysis also assigns Arista a "GREAT" financial health score and reports the company holds more cash than debt on its balance sheet.
Recent performance and guidance
Arista reported fourth-quarter 2025 earnings per share of $0.82, ahead of the analyst forecast of $0.76, and revenue of $2.49 billion versus an expected $2.38 billion. The company raised its fiscal 2026 AI revenue target to $3.25 billion from $2.75 billion, citing robust demand and contributions from its 7800R4 router as supporting factors.
Following Arista’s results and guidance update, several analysts adjusted their outlooks. Piper Sandler raised its price target to $175 while maintaining an Overweight rating. Needham increased its price target to $185, referencing the company’s upward revision of fiscal 2026 revenue guidance by about 6%. Evercore ISI reiterated an Outperform rating with a $200 price target, pointing to improved visibility into in-year closings.
What the filings show
The SEC Form 4 provides a detailed record of the day’s transactions: a package of direct share sales by Duda, additional disposals from trust and foundation holdings tied to him, and an option exercise to acquire 32,000 shares under a Rule 10b5-1 plan. The sale prices reported on March 17, 2026 sit close to the market price reported that day, and occurred in the same period as the company’s updated financial targets and recent analyst price-target revisions.
The filing does not include additional commentary on motives behind the sales or the trusts’ and foundation’s decision processes.